CPEX Pharma sells for $76M

A unit of Footstar Corp., a holding company, has agreed to acquire CPEX Pharmaceuticals for $76.6 million in cash. The bid is worth $27.25 a share, more than twice what it was a year ago as back-to-back quarterly profits helped fuel investor interest. CPEX focuses on drug delivery technology. "After engaging with multiple parties during the review process, it was clear that this agreement was the most compelling outcome for our shareholders, delivering them significant and immediate value," Chief Executive John A. Sedor said. Report

Suggested Articles

Janssen’s BCMA-targeting CAR-T therapy eliminated tumors in 69% of patients with advanced multiple myeloma in a small phase 1 study.

In a study, BMS' CAR-T therapy banished tumors in more than half and shrank tumors in nearly three-quarters of relapsed blood cancer patients.

Novartis unveiled more data showing how its asthma combo QMF149 fared against the standard of care: a combination of the same types of drugs.